News : Compliance

Macquarie fined over SMSF fees

April 22, 2024

ASIC SMSF Macquarie Bank Federal Court Unauthorised fees Ross Hopkins Cash management accounts

Macquarie Bank has been ordered to pay $10 million in fines after failing to prevent unauthorised fee transactions from its clients’ SMSF accounts by a third party.

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ATO, Compliance, SMSF

ATO issues illegal access fact sheet

ATO SMSF Illegal early access Illegal early release Fact sheet

April 15, 2024

Jason Spits

The ATO has issued a fact sheet to remind SMSF trustees not to use the services of people promoting access to superannuation before they are eligible to withdraw it.

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Auditing, Compliance, Property

Fraud risk with short-term rentals

Airbnb Audit Short-term rental Fraud SMSF Lease agreement Part A qualification Fraud risk statement

April 10, 2024

Darin Tyson-Chan

SMSFs holding property to be rented out on platforms such as Airbnb pose a particular type of compliance risk auditors must note.

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Administration, Compliance, Pensions

Deeming switch may threaten pension outcomes

Account-based pensions Grandfathering Deeming rate

April 10, 2024

Jason Spits

Superannuants using an account-based pension should be cautious about deeming as any move may be irreversible and offset by future increases in their financial assets.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

April 9, 2024

Todd Wills

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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ATO, Compliance, Property, Regulation

ATO hot on rental property expenses

April 8, 2024

Darin Tyson-Chan

The ATO is currently focusing on deductible expenses associated with investment properties with regard to its compliance enforcement procedures.

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Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

April 4, 2024

Jason Spits

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.